Buying a foreclosed home in New Jersey can save you tons of money! But should you hire a real estate lawyer in NJ to help you with that sales process? If you think buying a foreclosed home is going to be quick and easy, read on to see what real estate attorneys actually work with!
Competition
Many people are surprised to find out that there is tough competition to buy a foreclosed house! While investors and other professional developers make up some of this group, over half the people who usually express interest in a foreclosed home are typically individuals seeking a great deal. Foreclosed homes can be hard to find, and many powerful investors will purchase properties with cash. A real estate lawyer can help you to understand the details of this process, as well as figuring out if you should look into paying cash or financing your purchase.
Liens
A major risk that many people find out about far too late is outstanding debts on the property. Unpaid work on the property may be subject to a mechanic’s lien, outstanding HOA payments may be subject to other sorts of liens—and you as the new homeowner may be responsible for paying these! A real estate lawyer can help you to determine, in advance, if there are any outstanding debts on your property, as well as providing guidance for how to handle these debts.
Condition
A final risk is the condition of the home. Certainly, you expect some work from a foreclosed home, but are you ready for the time and resources needed to repair your next investment? For smaller and decorative items, no problem. But if your house has significant pests, structural damage, damage to the foundation, or significant damage from water or fire, it may not even be suitable for living in. If possible, have the foreclosed property inspected by a licensed home inspector, and make sure to discuss any major challenges with your real estate lawyer in advance for the best and most accurate real estate advice.
